2012-01-14 / News

Bankrupt development has new owner

By Scott Rawdon

BUCKEYE LAKE – Newark based developer Stone Works Partners purchased the stalled Landings at Maple Bay project near Hunts Landing Road, said Buckeye Lake Mayor Rick Baker during Monday night’s Buckeye Lake Village Council meeting. “I think that’s good news for us,” he said.

The development is a 98-unit condominium development that was to include a man-made canal and basin, a marina with boat slips, and a clubhouse with a pool. The original developer, based in suburban Detroit, was also planning an Epcon Community.

According to a Stone Works Partners press release, the company, which builds Epcon Communities, intends to build the condos more affordably than the original developer.

“One of our goals is to be able to offer luxury ranch condos at affordable prices,” said Stone Works CEO Eriech Horvath in the press release. The original developer planned for the condos to sell for $250,000 to $350,000 each. “The new pricing will be very aggressive,” said Horvath. “We will offer the same homes, but they will be considerably more affordable.”

Horvath said Wednesday that his company purchased the property for roughly $250,000 at the bankruptcy auction, but he believes it will require $2 million to $3 million in infrastructure upgrades. He expects the first condo units will sell for roughly $150,000 to $250,000 and construction should begin late spring of this year. Horvath said he’ll be taking reservations for condos soon and should be able to offer “price breaks” to those who make reservations early.

Horvath said Stone Works will work from the original plan and he expects the development will eventually include the canal, marina, and the clubhouse with a pool. “The clubhouse is very important to our communities,” he said.

According to the release, Stone Works’ first order of business is to build community confidence. “We know that there will be questions; it’s understandable,” said Horvath. “We are excited to be part of Buckeye Lake (Village) and are looking forward to building a community that the residents will be proud of.”

The Landings at Maple Bay development stalled a couple years ago after the real estate bubble busted and the development was forced into voluntary bankruptcy. The purchase includes a partially finished fourunit building and the undeveloped land. Newark based company purchased an existing four-unit building and the undeveloped land. The canal to access the constructed basin and marina will require the developer to build a bridge for Hunts Landing Road over the canal. No work has been done on the canal nor basin.

Stone Works is currently developing condominium communities in Licking, Knox, and Muskingum counties. Horvath said the Landings at Maple Bay is a “great fit” for the company geographically and strategically. “We are a local company that specializes in building maintenance free, ranch style condominium homes,” said Horvath. “Building communities like the Landings at Maple Bay is exactly what we do.”

Stone Works plans to build its Epcon community featuring two and three bedroom single story condos with finished verandas, attached two-car garages, and private patios.

Locally, Horvath said Stone Works created the Reddington Village in Newark and the River Oaks Village in Heath. He said the key to the Landings at Maple Bay’s success is pricing the units reasonably. “At the right price, the units will sell,” said Horvath.

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